FED:Aurora settles US shale field for $US120m

Aurora Oil and Gas
has completed its purchase of extra working sites within a US shale field for $US120 million in cash.

The four areas of interest are onshore within the Sugarkane Eagle Ford Shale field that lies 20km south of the main Texas Austin Chalk in the US.

The purchase was highly accretive on a reserves and net present value basis, with Aurora's net proved plus probable plus possible reserves increasing 50 per cent to an equivalent of 84 million barrels of oil.